Shattering Forever Young And Other Boomer Myths
Boomers see themselves as “forever young,” so it can be difficult to get them to see the need for long term care insurance, says Dick Ross, principal, 50-Plus Communications Consulting, Glencoe, Ill.
“Its a huge psychological obstacle,” he says. “If you dont believe youll ever get old and feeble, why would you need LTC insurance?”
Sharil Baxter, Kansas City sales manager and national education officer for LTCI Partners, LLC., Overland Park, Kansas, says human nature and ignorance are the biggest obstacles to getting boomers to see the need for LTC insurance.
Human nature because “people dont want to think its going to happen to them,” she says. Ignorance because, “unless theyve had a family member needing services, they may not know what the expenses are. They believe the myth that Medicare pays for it. I think the population as a whole believes that.”
Tony Dillard, a marketing representative in the Bedford, Texas, office of American Independent Marketing, Yakima, Wash., says he trains agents to incorporate these objections into the presentation before the client can make them and to explain why they are not always reasonable.
Medicare, Medicaid and “my family will pay,” are the main objections he anticipates from boomers. These objections then lead to the “I think we should wait” comment, which is only uttered when an agent hasnt made a convincing presentation, he says.
If the clients want to wait, an agent should show them what the projected rates will be if they do.